Leases

12 Months Ended

Mar. 31, 2025

Leases:

Leases

11. Leases

Time charter-in contracts

During the year ended March 31, 2025, we did not take delivery of any time chartered-in VLGCs and, as such, no new right-of-use assets or lease liabilities were recognized. As of March 31, 2025, right-of-use assets and lease liabilities related to all of our time charter-in VLGCs totaled $158.5 million and were recognized on our balance sheet. Our time chartered-in VLGCs were deployed in the Helios Pool and earned net pool revenues of $56.7 million, $97.5 million, and $38.6 million for the years ended March 31, 2025, 2024 and 2023, respectively.

Charter hire expenses for the VLGCs time chartered in were as follows:

	Year ended
	March 31, 2025		March 31, 2024		March 31, 2023
Charter hire expenses	$	41,393,429	$	43,673,387		23,194,712

Office leases

We currently have operating leases for our offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece which we determined to be operating leases and record the lease expense as part of general and administrative expenses in our consolidated statements of operations. We did not enter into any new office leases and did not renew any office leases during the years ended March 31, 2025 and 2024. The term of our Copenhagen, Denmark office expired during the year ended March 31, 2025 and the office lease is now on a month-to-month basis.

Operating lease rent expense related to our office leases was as follows:

	Year ended
	March 31, 2025		March 31, 2024		March 31, 2023
Operating lease rent expense	$	554,939	$	558,957	$	569,804

For our office leases and time charter-in arrangements, the discount rate used ranged from 4.92% to 6.34%. The weighted average discount rate used to calculate the lease liability was 5.81%. The weighted average remaining lease term on our office leases and a time chartered-in vessel as of March 31, 2025 is 56.4 months.

Our operating lease right-of-use asset and lease liabilities were as follows:

Description	Location on Balance Sheet	March 31, 2025		March 31, 2024
Assets:
Non-current
Office leases	Operating lease right-of-use assets	$	749,451	$	1,194,974
Time charter-in VLGCs	Operating lease right-of-use assets	$	158,462,559	$	190,505,364
Liabilities:
Current
Office Leases	Current portion of long-term operating leases	$	380,127	$	448,317
Time charter-in VLGCs	Current portion of long-term operating leases	$	34,428,076	$	32,042,805
Long-term
Office Leases	Long-term operating leases	$	385,062	$	763,767
Time charter-in VLGCs	Long-term operating leases	$	124,034,483	$	158,462,559

Maturities of operating lease liabilities as of March 31, 2025 were as follows:

Less than one year	$	42,970,570
One to three years		73,406,739
Three to five years		62,263,139
More than five years		2,941,250
Total undiscounted lease payments		181,581,698
Less: imputed interest		(22,353,951)
Carrying value of operating lease liabilities	$	159,227,747